Multi rate meters offers some great home and business energy tariffs which will save money.
You can compare energy tariffs with us. Our comparison engine will include a selection of tariffs for multi rate meters. Two of the most common types of tariffs for multi rate meters are Economy 7 and Economy 10.
Here’s everything you need to know about multi-rates meters.
What is a multi-rate meter?
A multi rate meter offers two or more electricity and gas rates depending on the time of day. For example, off-peak hours (typically during the night and sometimes weekends) offer much cheaper rates. The two most popular tariffs available for multi rate meters are known as Economy 7 and Economy 10. Each energy tariff offers benefits for suitable users.
Economy 7 offer cheaper business energy prices for 7 hours. The timings vary by region and supplier but these will typically be during the night. Off-peak hours on an Economy 7 tariff can charge up to 50% less.
Economy 10 is very similar. However, cheaper electricity and gas rates are available for 10 hours rather than 7. These hours are also during the night and timings vary by supplier.
Warning – Whilst you will be paying cheaper energy rates during off-peak hours, the rates are usually much higher during peak times. These tariffs mean that households must be disciplined in how they use energy to maximise savings; and businesses must use the majority of their energy overnight.
Do I need a multi rate meter?
This largely depends on how you use energy. Most UK households prefer to just have a smart meter with a basic selection of energy tariffs. However, if you’re a bit of a night-owl, you’ll see some significant savings on your home energy bills. Just remember to do your washing at night. Even if you’re not always up during the night, smart home devices and appliances make it possible to schedule things like wash cycles etc.
For businesses, it is important to understand how much energy you’re using and what are the peak operation times. Multi-rate meters are great for businesses who operate mainly during the night, evenings and weekends.
Businesses using large amounts of energy are required by law to install a half hourly meter. This type of meter automatically sends electricity and gas readings to your energy supplier every 30 minutes in order to better manage large usage customers. This helps keep billing accurate.
Three rate meters
Three rate meters are mainly used by businesses. It offers similar benefits to a two rate meters, but can charge unto three different rates for your energy. The business energy rates are usually split into evening, nighttime and weekends; and are typically used by bars and nightclubs. The most expensive rate will be evening, followed by a slightly cheaper rate for weekend and the cheapest rate for nighttime hours.
How do I get a multi rate meter?
You will need to select an energy tariff that requires a multi rate meter. The tariffs you will need to agree two are commonly Economy 7 or 10 tariffs. Your energy supplier will be in touch and provide details within the welcome pack. They will usually agree a date with you to come and install a multi rate meter.
Once you have all your multi rate meters installed, you will have an official switch over date and you can start saving on your energy.